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25 sats \ 1 reply \ @davidw 1 Aug 2022
The recommendation would limit exposure to 10% of net assets.
So what happens when 10% becomes 90% due to appreciation..? 😏
It’s all about consumer protection. Of course.
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0 sats \ 0 replies \ @cryptocoin OP 1 Aug 2022
Well, I suppose that means the exchanges wouldn't permit you to add or increase to a position. If you hold the keys, of course, you could make the case that you sold earlier. But you'ld need to have reported and paid capital gains. I suppose having an unfortunate boating accident might work for that.
Anyway, they don't want you to withdraw ("self custody"). Their plan only works if you cannot withdraw.
The only way to beat these bad laws is by embracing P2P trading, KYC-Free fiat exchange methods, and a circular economy where we both earn in bitcoin and then spend in bitcoin. But most everyone is just in it for the NGU technology, I guess.
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0 sats \ 0 replies \ @cryptocoin OP 1 Aug 2022
The link for this post is using an archive for the article on CoinDesk's website. An archive has no paywall, no subscription requirement, and can be easier to read. The original article, on CoinDesk's website is:
UK Crypto Investors Should Limit Holdings, Financial Regulator Says
https://www.coindesk.com/policy/2022/08/01/uk-crypto-investors-should-limit-holdings-financial-regulator-says/
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